Business
Malcolm X College
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BUSINESS_EXAM_1-_Study_Guide | CHAPTERS 1- 3 | KEY Points Clearly Marked
- Exam (elaborations) • 2 pages • 2021
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Business Exam 1 Chp 1-Business is an entity that offers products to their customers to earn profit. Profit is earned when expenses are greater than revenue. Expenses exceed revenue the company has a loss of profit. A good -physical product | A service is an intangible product. Factors of production- labor,natural resources, capital, entrepreneurial talent, intell. property & technology | labor-the physical work | natural R-raw materials provided | capital (real capital), which refers to the phys...
Exam (elaborations)
BUSINESS_EXAM_1-_Study_Guide | CHAPTERS 1- 3 | KEY Points Clearly Marked
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ago
Business Exam 1 Chp 1-Business is an entity that offers products to their customers to earn profit. Profit is earned when expenses are greater than revenue. Expenses exceed revenue the company has a loss of profit. A good -physical product | A service is an intangible product. Factors of production- labor,natural resources, capital, entrepreneurial talent, intell. property & technology | labor-the physical work | natural R-raw materials provided | capital (real capital), which refers to the phys...
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